Crude Pries Fall after Report of OPEC Planning August Output Boost

House (Reuters) -Brent and Us West Texas Intermediate Crude Price Fell on Friday, Reversing Gains after A Report that Opech was planning to Hike Production in August Following Following Foring For July.

Brent Crude Futures WERE DOWN 25 cents, or 0.37%, to $ 67.48 a barrel by 1615 gmt, when us west texas intermediate crude fell 20 cents, or 0.31%, to $ 65.04.

Four delegates from OPEC, which inclusions of the Organization of Petroleum Exporting Countries, said the group was set to boost production by 411,000 barrels per day Output Increase Alredy Planned for July.

“The report about an OPEC Increase Came out and Pries Cratered,” Said Phil Flynn, Senior Market Analyst with Price Futures Group.

Crude prices were alredy headed for a 12% decline for the week following

During the 12-day war that Started after Israel Targeted Iran’s Nuclear Facilites on June 13, Brent Pries Rose Rose Briefly to Above $ 80 a Barrel Before Slumping to $ 67 a Charrel AFTER DONALDE Trump Announced An Iran-Israel Ceasefire.

“The market has almost entryly shrugged off the geopolitical risk premiums from almost a week ago as we return to a fundamentals-driven market,” called Rystad Analyst Janiv Shah.

He said the market was also kept keeping an eye on the july 6 meeting of the opening group of oil producers, adding

Flynn Said Expectations of Higher Demand in the Coming Months Gave Crude a Boost Earlier on Friday.

“We’re getting a demand premium on oil,” flynn said.

Prices Had also been supported earlier in Friday’s session by multiple inventory reports that showed strong stang draws in middle distillates, said tamas varga, a pvm oil associates analyst.

Data from the US Energy Information Administration on Wednsday Showed Crude Oil and Fuel Inventories Fell a Week Earlier, with refining activity and demand rain. [EIA/S]

Meanwhile, data on thuresday showed that indestionly helpless hand distilletes inventories declined as net expenses climbed week on week.

Additional, China’s Iranian Oil Imports surged in June as Shipments Accelerated Before The Israel-Raran Conflict and Demand from Independent Refineries Improved, Analysts Said.

China is the world’s top oil importer and biggest buyer of Iranian Crude. It boght more than 1.8 million barrels per day of Iranian crude from June 1-20, according to ship-tracker vortexa, a record highly based on the firm’s data.

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